NN IP: Another brick in the wall of worry
Equities fell initially on the disappointing payrolls report, but seem less sensitive to Fed expectations than before. Government bond yields fell further and the search for yield intensified. We upgraded real estate to overweight.
09.06.2016 | 16:09 Uhr
Economic Outlook
A tale of two dovish central banks
The labour market report of May has taken a June rate hike off the table. Our view is now that July and September have a more or less even chance, provided of course that the trend in payroll growth at least stabilizes. Read more
Asset Allocation
Payrolls are another brick in the wall of worry
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Real Estate
Real estate is plain sailing
In the current low growth/low yield environment with limited risk of sharply rising bond yields, real estate remains an attractive investment that generates a high inflation-protected yield. Read more
Equity Strategy
Fed dominates emerging market performance
Emerging market (EM) equities were able to perform well in February and March, to a large extent thanks to market expectations of a dovish Fed. Therefore, the weak US payrolls number gave EM equities a fresh boost. Read more
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